Digital music disrupter听One Media听iP Group is to raise 拢6m in a share placing.听
The listed firm,听which helps听writers and听artists to access future royalty earnings in return for a portion of their music rights, will use the money to听expand the number of rights it holds听through the听Harmony听iP听asset release program.听
One Media听iP听Group, based in Pinewood Studios, Buckinghamshire,听adds value to its content by maximising its availability in over 600 digital stores globally, including Apple Music, YouTube, Amazon and Spotify.听
Its music is also widely used for synchronisation in film, TV and digital gaming whilst its video content is primarily viewed on YouTube where One Media operates over 20 YouTube channels as a certified partner.听
It has also built a technical copyright analysis tool to protect the rights of its artists.听
The placing is priced at 7p per share, a discount on Monday鈥檚 value of 7.25p, and听represents 38.9 per cent of the firm鈥檚听enlarged share capital.听
“To have such a heavily oversubscribed fundraising, which also brings a significant number of new high-quality investors onto the register, is extremely pleasing,鈥� said听One Media CEO Michael Infante.听
鈥�The level of demand for the听placing reflects the confidence existing and incoming investors have in One Media鈥檚 Harmony听iP听model and the ongoing strategy to capitalise on a market benefiting from significant tailwinds.鈥�听
The company鈥檚 market cap is currently 拢9.5m after its valuation rose steadily during lockdown.听
Six-month revenues to April climbed 28% to more than 拢2m while pre-tax profits were up 177% to 拢400k.听
鈥�During the recent months the health and safety of our staff and stakeholders has been of paramount importance,鈥�听added Infante.听
鈥�The entire One Media team has been working harder than ever on a remote basis and I would like to thank everyone for their exceptional work throughout.听听
鈥�The outlook is certainly听exciting听and we are looking forward to taking the business to the next level.鈥�听
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